Cooperation Fund for Regional Trade & Financial Security Initiative
What is Cooperation Fund for Regional Trade & Financial Security Initiative?
The Cooperation Fund for Regional Trade & Financial Security Initiative is a multi-donor umbrella facility that will support ADB technical assistance to developing member countries (DMCs) for enhancing port security (including airports, cargo ports, and containers) and address anti-money laundering and combating terrorist financing (AML-CFT) efforts.
What are the priorities?
In allocating the fund's resources, priority will be given to high-impact projects that can catalyze investments and further policy reforms in these areas, and have a good chance of local or regional replication.
What kind of activities are eligible for the grant?
The activities to be financed by the fund may cover a range of interventions, including projects that
- strengthen DMCs’ capacity to address AML-CFT, in particular through assistance in the establishment of financial intelligence units and effective legal and supervisory regimes for AML
- promote customs modernization measures facilitating:
- the detection and monitoring of cross-border movements of cash and monetary instruments, as well as goods and conveyances that may pose a security risk;
- security-enhancing seaport and airport upgrades;
- supply chain security; and
- adherence to International Civil Aviation Organization, International Maritime Organization, World Customs Organization, and other international safety and security transportation standards
- complement the secure trade in the Asia-Pacific Economic Cooperation (APEC) region (STAR) initiative goals and help developing economies implement related action plans.
Who is eligible to receive the grant?
The fund will be open to all eligible DMCs. However, emphasis will be placed on assisting DMCs that are also APEC economies and are most at risk with regard to money laundering, terrorist financing, or port and airport security.
Who supports the grant?
Australia, Japan, and the United States support the grant.